Shell inks $11bn Iraq petrochems deal

A petrochemicals plant.

A petrochemicals plant.

28 January 2015 – Shell has signed a deal with Iraq’s government that paves the way for development of an $11-billion petrochemicals plant in the major Middle East producer.

The Anglo-Dutch supermajor penned the heads of agreement to build the Nebras plant in Basra, southern Iraq.

A Shell spokesperson confirmed that a heads of agreement has been signed for the project, but further details were not forthcoming.

Shell has not put a monetary value on the early-stage project, but Reuters cited Iraqi Industry Ministry Nasser al-Esawi as saying on Wednesday that the project is worth $11 billion.

This week’s agreement comes after an initial memorandum of understanding signed in 2012.

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